A contractor who files as unmarried (single) to the IRS has an effective tax rate of 28%.
Question:
A contractor who files as unmarried (single) to the IRS has an effective tax rate of 28%. His gross income is $155,000, other income is $4000, personal expenses are $45,000, and deductions and exemptions are $12,000. His total income tax due is closest to:
(a) $28,550
(b) $41,160
(c) $43,400
(d) $55,750
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